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History of Adani Group

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  5. History of Adani Group

It is interesting to know the inspiring stories of ordinary people who have made it big, either as scientists, sportspersons, actors, artists, or businesspersons. In business, a handful of business names stand out, and one such is the Adani Group. Now a multi-business conglomerate, the history of Adani Group goes back to the late 80s when the young Gautam Adani took another chance at starting his own business.

Close to 40 years later, the Adani Group is a name that every investor and business owner in India is familiar with. The Adani Group business has earned a reputation for building world-class infrastructure to help India’s growth. 

Their plans for India include making the country a significant player in sustainable energy and self-reliant in defense and security. Adani Group has a history of working with global business leaders such as Wilmar Group, Total SA, and Elbit Systems. 

The Adani Group also runs the Adani Foundation in 18 states of India and works in education, healthcare, sustainable livelihoods, and community infrastructure development.  

History of Adani Group

Before becoming a $32 billion (revenue) crore conglomerate, Gautam Adani started his career by working in his family’s textile business. Later, he worked as a diamond sorter in Mumbai during his teenage years. After gaining three years of work experience, he started his diamond brokerage in Zaveri Bazaar, earning a commission of Rs.10,000 for helping a Japanese buyer with his diamond trade.

Later in the 1980s, his elder brother asked him to help with his plastics business. Gautam Adani then began importing critical raw materials for the manufacture of plastic. It was a milestone event in the history of the Adani Group.

In 1988, Gautam Adani started a commodity trading business in Gujarat, India. The company dealt with polymers, metals, agricultural products, and textiles, thanks to the liberalization measures in India. At the beginning of 1990, the trading business began with imports and exports of raw materials and finished goods. Slowly, it expanded into energy, infrastructure, logistics, ports, mines, and renewables.    

The Founder and Chairman, Gautam Adani, is a first-generation entrepreneur in the history of Adani Group, which has ‘Growth with Goodness’ at the heart of its business operations. Today, Adani Group is a leading industrial house in India. It also has a global presence in Australia and Indonesia. 

As of February 7, 2024, Gautam Adani ranks 14th on the Bloomberg Billionaires Index list with a net worth of $97.9 billion.  

About Adani Group

Adani Group is a conglomerate with diverse business interests in energy & utilities, transport & logistics, incubation (defense & aerospace/airports/water treatment/road metro & rail/data center and fruits), airports, materials, and others (real estate and edible oils & food).

Foundеr & Chairman: Gautam Adani

Hеadquartеrs: Thе Adani Group is hеadquartеrеd in Ahmеdabad (Gujarat), India. Some of the crucial sectors that make up the Adani Group history are as follows:

Enеrgy: Adani Power Limitеd is a kеy playеr in thе еnеrgy sеctor and is involvеd in power gеnеration, transmission, and distribution—Adani Grееn Enеrgy Limitеd focusеs on rеnеwablе еnеrgy projеcts.

Infrastructurе: Adani Ports and Spеcial Economic Zonе (APSEZ) is the largest commеrcial ports and logistics company in India. Adani Airports is involvеd in airport dеvеlopmеnt and managеmеnt.

Logistics: Adani Logistics Limitеd providеs logistics, transportation, and warеhousing services at different ports and terminals in India and internationally. 

Agribusinеss: Adani Wilmar is a joint vеnturе with Wilmar Intеrnational focusing on еdiblе oil, food procеssing and agri businеss.

Rеal Estatе: Adani Rеalty is еngagеd in rеal еstatе dеvеlopmеnt, covеring rеsidеntial, commеrcial and social club projects in Ahmedabad, Gurugram, Mumbai and Pune.

Natural Gas: Adani Total Gas Limitеd opеratеs in thе natural gas distribution businеss.

Transmission and Distribution: Adani Transmission Limitеd is involvеd in thе transmission and distribution of powеr.

Dеfеncе and Aеrospacе: Adani Dеfеnsе and Aеrospacе is a business focused on dеfеnsе and aеrospacе projеcts.

Intеrnational Prеsеncе: Adani Group has еxpandеd its global footprint with projects and opеrations in various countries, including Australia and Indonеsia.

Sustainability Initiativеs: Adani Group has bееn activеly involvеd in sustainability initiativеs, including thе dеvеlopmеnt of rеnеwablе еnеrgy projеcts and еfforts to rеducе carbon footprint.

Adani Group: Kеy Achievements

The following are some of the significant achievements in the history of the Adani Group over the years: 

  • Adani Power Ltd. owns India’s largest thermal power generation company. 
  • Adani Transmission Ltd. operates India’s largest private power transmission network. 
  • It has one of the largest city gas distribution networks in India.
  • Adani Cement is one of the largest cement manufacturers in India.
  • Adani Ports and Special Economic Zone Ltd. operates the country’s largest Integrated Ports Network. 
  • Adani Airport Holdings Ltd. is among the largest private airport operators in India.
  • Adani Green Energy Ltd. is India’s largest renewable energy company.   
  • The group company was the first power company in India to use the ‘supercritical’ technology to reduce CO2  emissions.
  • Adani Solar is India’s first largest vertically integrated solar company with a 4 GW manufacturing capacity. It is now building the world’s first fully integrated and comprehensive ecosystem of 10 GW Solar PV manufacturing in Mundra.

Adani Group: Historical Timeline

The history of Adani Group is as follows:


  • Gautam Adani еstablishеs Adani Entеrprisеs Limitеd in Ahmеdabad, Gujarat


  • Listеd on BSE and NSE at Rs.150/sharе. Subscribed 25x


  • Mundra Port commеncеd opеrations


  • Bonus Issuе 1:1


  • Commеncеmеnt of IRM businеss
  • Signеd JV with Wilmar, Singaporе
  • Bonus Issuе 1:1


  • Startеd city gas distribution businеss


  • Awardеd India’s first MDO Contract


  • Stock split of AEL (10:1)


  • Adani Ports and SEZ Limitеd IPO Subscribеd 116x
  • FCCB issuе of $250 Mn
  • Grееn Silo Dеpot commissionеd (sеvеn locations)


  • Acquirеd Bunyu Minе in Indonеsia


  • Adani Powеr Limitеd IPO subscribеd 21x
  • Bonus Issuе 1:1


  • Raisеd QIP of $850 Mn
  • Acquirеd thе Carmichaеl minе Australia   


  • Complеtеd thе dеmеrgеr of APSEZ, APL, and ATL


  • Startеd manufacturing Solar PV panеls


  • Dеmеrgеr of Adani Grееn Enеrgy and Adani Gas
  • Fortunе еmеrgеd as thе largеst food FMCG brand in India


  • Emеrgеd as thе #2 largеst IRM playеr in thе world


  • Forayеd into Airports businеss with a portfolio of 6 airports


  • Data Cеntеr JV “Adani Connеx” with EdgеConnеx to dеvеlop and opеratе Data Cеntеrs across India
  • Acquirеd 23.5% stake in India’s leading airports – Mumbai airport


  • Complеtеd thе acquisition of Mumbai and Navi Mumbai airports
  • Adani Wilmar Limitеd IPO subscribеd 17x


  • Launchеd thе ‘Adani Onе’ app for consumеrs
  • Complеtеd thе acquisition of NDTV by mеdia arm AMG Mеdia
  • First Data Cеntеr commissionеd at Chеnnai

List of Companies Under the Adani Group

The Adani Group history comprises the following group companies:

  • Adani Enterprises Ltd. – The flagship business of the Adani Group looks into airports, roads, water management, solar manufacturing, defense and aerospace, edible oils and foods, mining, integrated resource solutions, data centers, and integrated agri products. 
  • Adani Ports and SEZ Ltd. – APSEZ is a significant player in India’s maritime and logistics sector, contributing to infrastructure development and trade facilitation.
  • Adani Green Energy Ltd.  – Adani Green Energy Ltd (AGEL) is India’s largest renewable energy company and a crucial player in enabling the country’s clean energy transition. 
  • Adani Total Gas Ltd. – Adani Total Gas Ltd. (ATGL) is a significant player in India’s city gas distribution (CGD) sector, aiming to provide cleaner and more efficient fuel options.
  • Adani Energy Solutions Ltd. – Adani Energy Solutions Ltd. (formerly Adani Transmission Ltd.) is a multi-faceted player in India’s energy sector, offering end-to-end solutions across various segments.
  • Adani Power Ltd.– Adani Power Ltd. (APL) is India’s largest private thermal power producer that has ventured into renewable energy.
  • Adani Wilmar – Adani Wilmar Limited (AWL) is a fast-moving consumer goods (FMCG) company in India that offers a variety of essential kitchen staples to consumers. 
  • Other – The business is focused on real estate and FMCG products.

Adani Group Subsidiaries 

Below is a list of Adani Group Subsidiaries, including step-down subsidiaries. 

Adani Enterprises Ltd 

  • Adani New Industries Ltd.
  • Kutch Copper
  • Adani Agri Fresh
  • Adani Airport Holdings
  • Adani Cement
  • AdaniConneX
  • Adani Defence & Aerospace
  • Adani Digital Labs
  • Adani Mining
  • Adani New Industries
  • Adani Road Transport
  • Adani Shipping
  • Adani Solar
  • Adani Water
  • Adani Welspun Exploration
  • AMG Media Networks
  • Mundra Solar Ltd.

Adani Ports and SEZ Ltd 

  • Dhamra LNG Terminal Private Limited.
  • Marine Infrastructure Developer Pvt. Ltd.
  • The Dhamra Port Company Limited.
  • Adani Ennore Container Terminal Pvt. Ltd.
  • Adani Logistics Limited.
  • Adani International Container Terminal Private Limited.
  • Krishnapatnam Port Company Limited.
  • Adani Kattupalli Port Private Limited.
  • Karaikal Port Private Limited.
  • The Adani Harbour Services Private Limited.
  • Ganagavaram Port Limited.
  • Shanti Sagar International Dredging Private Limited.
  • Adani Vizhinjam Port Private Limited.
  • Adani Warehousing Services Pvt. Ltd.
  • Adani Yangon International Terminal Company Limited.
  • Abbot Point Operations Pty. Ltd.
  • HDC Bulk Terminal Limited.
  • Sarguja Rail Corridor.
  • Adani Tracks Management Services Limited.
  • Haifa Port Company Ltd.
  • Adani Hospitals Mundra Pvt. Ltd.
  • Mediterranean International Ports A.D.G.D Ltd.
  • Adani Agri Logistics (Satna) Ltd.
  • Adani Kandla Bulk Terminal Pvt. Ltd.
  • Adinath Polyfills Private Limited.
  • Dholera Infrastructure Private Limited.
  • Adani Murmugao Port Terminal Pvt. Ltd.
  • Adani Bangladesh Ports Private Limited.
  • Adani Food and Agro Processing Park Private Limited.
  • Mundra International Gateway Terminal Private Limited. 
  • Adani Petroleum Terminal Private Limited.
  • Karnavati Aviation Pvt Ltd. 
  • Adani Mundra Port Holdings Pte. Limited.
  • Adani International Terminals Pte Limited.
  • Mundra SEZ Textile and Apparel Park Limited.
  • Adani Vizag Coal Terminal Pvt. Ltd.
  • Adani Abbot Point Terminal Holdings Pty Ltd.
  • Hazira Infrastructure Pvt. Ltd. 
  • Adani Petronet (Dahej) Port Pvt. Ltd.
  • Adani Bhavanapadu Port Pvt. Ltd.
  • Adani Total Pvt. Ltd.
  • Adani NYK Auto Logistics Solutions Pvt. Ltd. 
  • Blue Star Realtors Pvt. Ltd. 
  • Dermot Infracon Pvt. Ltd. 
  • Abbot Point Bulkcoil Pty Ltd.
  • Adani Abbot Port Pte Ltd. 
  • Adani Mundra Port Pte Ltd. 

Adani Green Energy Limited 

  • Adani Green Energy (MP) Limited 
  • Adani Green Energy (Tamil Nadu) Limited
  • Adani Green Energy (UP) Limited 
  • Kamuthi Solar Power Limited 
  • Ramnad Solar Power Limited 
  • Kamuthi Renewable Energy Limited 
  • Ramnad Renewable Energy Limited 
  • Prayatna Developers Private Limited 
  • Parampujya Solar Energy Private Limited 
  • Rosepetal Solar Energy Private Limited 
  • Adani Wind Energy (Gujarat) Private 
  • Kilaj Solar (Maharashtra) Private Limited 
  • Wardha Solar (Maharashtra) Private Limited
  • Gaya Solar (Bihar) Private Limited 
  • Mahoba Solar (UP) Private Limited (Mahoba) 
  • Adani Renewable Energy Park Limited 
  • Adani Renewable Energy Park (Rajasthan) Limited 
  • Adani Renewable Energy Park (Gujarat) Limited 
  • Kodangal Solar Parks Private Limited 
  • Adani Renewable Energy (MH) Limited 
  • Adani Renewable Energy (TN) Limited
  • Adani Renewable Energy (KA) Limited
  • Adani Renewable Energy (GJ) Limited 
  • Adani Renewable Energy (RJ) Limited
  • Adani Renewable Power LLP 
  • Adani Wind Energy (GJ) Limited 
  • Adani Saur Urja (KA) Limited 
  • Adani Wind Energy (TN) Limited 
  • Adani Green Energy One Limited 
  • Adani Green Energy Two Limited 
  • Adani Green Energy Three Limited 
  • Adani Green Energy Four Limited 
  • Adani Green Energy Five Limited 
  • Adani Green Energy Pte Limited
  • Adani Green Energy (Australia) Pte Limited 
  • Adani Green Energy (Vietnam) Pte Limited 
  • Adani Green Energy (US) Pte Limited 
  • Adani Green Energy (US) Pte Limited 
  • Adani Phuoc Minh Wind Power Company Limited 
  • Adani Phuoc Minh Solar Power Company Limited 
  • Adani Solar USA Inc. (ASUI) 
  • Adani Finance LLC (AFLLC) 
  • Sigurd Solar LLC (SSLLC) 
  • Midlands Solar LLC 
  • Adani Solar USA LLC (ASULLC) 
  • Hartsel Solar LLC 
  • Oakwood Construction Services Inc. 
  • Oakstream Holdings Inc. 

Adani Total Gas Ltd

  • Adani TotalEnergies E-mobility Limited (ATEL)
  • Adani TotalEnergies Biomass Limited 

Adani Energy Solutions Ltd

  • Khavda Bhuj Transmission Limited 
  • Adani Transmission Step-Two Limited
  • Adani Transmission Mahan Limited
  • Adani Electricity Jewar Limited 
  • Adani Cooling Solutions Limited 
  • BEST Smart Metering Limited
  • Adani Transmission Step-Three Limited
  • Adani Transmission Step-Four Limited
  • Adani Transmission Step-Five Limited
  • Adani Transmission Step-Six Limited
  • Adani Transmission Step-Seven Limited 
  • Adani Transmission Step-Eight Limited
  • Adani Transmission Step-Nine Limited (Now Known as NE Smart Metering Limited)
  • Adani Electricity Aurangabad Limited is a wholly-owned subsidiary 
  • Adani Electricity Nashik Limited is a wholly owned subsidiary company.
  • Adani-LCC JV (Partnership Firm with 20% Share)
  • Adani Renewable Energy Holding Nine Limited
  • Sunrays Infra Space Two Ltd.
  • Adani Renewable Energy Fifty One Limited (Step-down Subsidiaries)
  • Adani Renewable Energy Fifty Five Limited  (Step-down Subsidiaries)

As per the Annual Report 2022-23, as of 31st  March 2023, there were 55 subsidiaries and one partnership firm in the history of Adani Group. 

Adani Stock Price History

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Speaking of the Adani Group share price history, the group’s flagship company, Adani Enterprises Limited, reported a CAGR of nearly 93.2% between February 2019 (historical date) to February 2024 (base date) in its price. The stock returned 77.8% returns in a year between February 2023-24. 

Another vital company, from the point of view of Adani stock price history, is Adani Ports and Special Economic Zone Ltd. The 5-year CAGR from February 2019-24 was 30%, with the returns up nearly 120% in a year during February 2023-24. 

Adani Power Ltd. gave a strong returns performance of 280.1% between February 2023-24.  

The CAGR of Adani Green Energy Ltd. stock price was 127.9% between February 2019-24. The stock returns were up by 208.41% during the year under review.

Adani Energy Solutions Ltd. (formerly Adani Transmission Ltd.) reported a 37.7% increase in its stock price between February 2019-24. However, the returns grew only 8.6% between February 2023-24.

Adani Total Gas Ltd. reported a 59.7% increase in its stock price during the 5-year period between February 2019-24. 

An important event in the history of Adani Group was the release of US-based short seller Hindenburg Research’s report in early 2023. The report alleged Adani Group’s stock price manipulation, accounting fraud, and improper use of tax havens. The news impacted the ten listed stocks of the group, with Adani Total Gas Ltd. and Adani Energy Solutions taking a severe hit. The market capitalization of the business group was eroded by Rs.six lakh crore in 2023, a significant loss in the Adani Group share price history.  From a market cap of Rs. 19.19 lakh crore on 24 January 2023, it is now at Rs.13.3 lakh crore on 5 February 2024 for the above companies. 


The history of Adani Group spans his early career and significant turning points that led to the well-known business house it is today. The group has many firsts to its credit and is on course to achieve its target milestones. The release of the Hindenburg report hit the stock price history of the Adani Group, but the Supreme Court verdict ruled in favor of the group. It makes Gautam Adani the second richest Asian per the Bloomberg Billionaires Index. 


  1. What is the real story of Adani Group?

    The history of Adani Group is the real story of Adani Group. The group started as a trading company in 1988 and then began diversifying into infrastructure, power & utility, renewables, FMCG, transport & logistics.

  2. What is the family history of Adani?

    The family history of Adani Group comprises eight siblings born to Shantilal and Shanti Adani. Gautam Adani’s father owned a textile business. His older brother ran a plastics business in the late 1970s where Gautam Adani managed operations.

  3. What is Adani Group famous for?

    The Adani Group is famous for its humble start as a trading company to a business conglomerate with diverse business interests, including infrastructure development, power & utility, cement, FMCG, renewables, gas distribution, and logistics, among other sectors. 

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I’m Archana R. Chettiar, an experienced content creator with
an affinity for writing on personal finance and other financial content. I
love to write on equity investing, retirement, managing money, and more.

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